Technical analyst Ashwani Gujral is of the view that traders can buy Patel Engineering stock to achieve a target of Rs 470.

According to Mr. Gujral, interested investors can purchase the stock with a strict stop loss of Rs 350.

Shares of the company, on Thursday (June 04), closed at Rs 386 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 25.72 & 15.47 respectively. The share price has seen a 52-week high of Rs 470 and a low of Rs 103.15 on BSE.

Patel Engineering, a civil-infrastructure construction company, anticipates order book position to surpass Rs 90 billion by mid 2009.

As on March 31, 2009, the company has an order book position above Rs 72 billion.

During the last month, the company won two new orders worth Rs 7.08 billion.

According to reports, the company has bagged an order worth Rs 5.55 billion from Vidarbha Irrigation Development Corporation (VIDC) and the second order valued at Rs 1.53 billion from hydropower order from Himachal Pradesh Power Corporation.

The project for Himachal Pradesh Power Corporation needs the company to build and finish a powerhouse complex (civil works) for the 111-MW Sawra Kuddu hydroelectric project in Shimla region of the state.

In contrast, VIDC, Maharashtra project also needs Patel Engineering to build delivery chamber and balancing tank. The said time to complete this project is 36 months.

The project work for Himachal Pradesh Power Corporation also comprises construction of surge shaft, pressure shafts, machine hall, and erection and control bays.